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Managing Director of the International Monetary Fund Christine Lagarde resigned from her post on Tuesday. “I have met with the Executive Board and submitted my resignation from the Fund with effect from September 12, 2019,” she said, according to a statement released by the fund.

“The relinquishment of my responsibilities as Managing Director announced previously will remain in effect until then,” Lagarde added. She said she made the decision to resign due to her nomination as the head of the European Central Bank, “in the best interest of the Fund”.

“The Executive Board [of IMF] will now be taking the necessary steps to move forward with the process for selecting a new Managing Director,” Lagarde said. “David Lipton remains our Acting Managing Director.”

She has been the head of the IMF since 2011 before she was a former French Cabinet minister. She will become the bank’s first-ever female leader if the European Council approves her nomination to the European Central Bank.

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